Nairobi, Sept. 8 -- Tax collected from the transfer of property rose 14.25 percent in the year to June, latest reports by the Treasury show, lifted by new regulations that allowed private practitioners to conduct valuation on behalf of the government.
The Kenya Revenue Authority received nearly Sh15.51 billion from sale of land, buildings, and shares in private firms for the year ended June 2021, the latest revenue statistics indicate, compared with Sh13.57 billion the year before.
Transfer of land, buildings, and unquoted securities such as shares in privately-held companies attracts a five percent capital gains tax paid by a seller on net earnings from the sale, with defaulters slapped with a 20 percent penalty of the tax due.
The buye...